The millennial generation is gathering momentum – are you ready to do business with them?
Millennials currently outnumber all other generations in Australia and they make up the largest proportion of the Australian workforce at 34 per cent. While housing affordability issues mean that less than one in three Australian millennials currently own a home, research suggests that 83 per cent of those who don’t own property intend to buy a home in the next five years.
So, if you’re a little unfamiliar with the millennial generation, it’s time to get acquainted.
Who are the millennials?
The millennials, sometimes called Generation Y, are now aged between about 20 and 35 years. One in three have a university degree and they have a lot of big life events happening: the average age when they first get married (28 years for women, 30 years for men), when they have their first child (31 for women, 33 for men) and when they buy their first home (early 30s) all sit within this age range.
Social media: Are you connecting?
If you want to connect with millennials, you’ll find them on social media. People aged between 18 and 29 years report the highest social media usage rates of any age bracket in Australia: 75 per cent use social media at least once a day and another 12 per cent use it most days.
Does your practice have a social media presence? Do you have a social media marketing plan? It’s easier than you think to get started with Facebook for business. You may also want to consider platforms like Snapchat and Instagram: these are increasingly popular with millennials as they move to mobile-focused and image-based social networks and platforms that haven’t been taken over by older generations.
Dealing with digital natives
Many millennials won’t remember the world before the digital revolution. And even the older cohort at least went through school using email and the internet. Older millennials love their laptops – 90 per cent of them own a laptop and they value them more than any other age group. Millennials also like their tablets and are more smartphone-savvy than other generations.
It makes sense to go digital in your practice if you want to attract millennial customers. Of course, there are also plenty of other reasons to go digital, too:
- Are you using apps to make your working life easier?
- Have you thought about the benefits of going paperless?
- If you’re still only thinking about e-Conveyancing, perhaps it’s time to get on board.
- Are you using the SettleMe app to improve communication and transparency and keep customers happy?
Millennials want transparency and authenticity
Commentators suggest that millennials “are not moved by flashy ads, big promises and ‘wow’ factor” when it comes to brands and business. Indeed, millennials are the highest users of ad blocking software online, with between 31 and 45 per cent of them using it. They don’t want to be sold to.
To attract millennial clients, focus on communicating what value you can add when they work with you. Share some of the ‘behind the scenes’ fun at your business, even if it’s just celebrating a staff member’s birthday. This market wants to know that you’ll relate to them on a more human level. It’s not just about the legalities of conveyancing, after all, they’re making a huge life decision in buying or selling a home.
Engaging with your millennial market means moving with the times. Although it may seem scary initially, many of the shifts involved are simply about improving efficiency and communicating more openly.
If you’re keen to get started, download our white paper today: The Conveyancer’s 5-step guide to digital transformation.